Contribution Limits & Deadlines
The contribution rules for self-directed IRAs are the same as the rules for IRAs that hold exchange-traded assets. Use the table below to determine your contribution deadline and limits.
For persons with a tax filing deadline of April 15th, 2020, the deadline has been extended to July 15th, 2020 for filings and payments (including contributions) due to the COVID-19 (Coronavirus) pandemic. For further information including eligibility, please see IRS Notice 2020-18.
|Account / Contribution Type||Contribution Deadline||Year||Contribution Limit||Catch-up (50 years+) Contribution Limit|
|Traditional & Roth IRA contribution||July 15*||2019||$6,000||$1,000|
|SEP IRA contribution||SEP contributions must be made by the tax-filing deadline, which is the last day of the company's fiscal year. (All SEP contributions are reported in the year during which contributions were made).||2019||$56,000**||N/A|
|Solo(k) employee deferral contribution||
The deadline for having a deferral contribution taken is the Employer tax filing deadline plus any extensions. The deposit deadline of such contribution is determined by DOL and IRS regulations.
|SIMPLE IRA contribution||Employer must contribute deferrals within 30 days after the end of the month when the employee would have received them in cash.||2019||$13,000||$3,000|
|Coverdell ESA contribution||July 15*||2019||$2,000||N/A|
*With certain exceptions for weekends and holidays, April 15 is normally the deadline for filing your federal income tax is also the deadline to make your final traditional IRA and Roth IRA contributions. For 2020, the deadline has been extended to July 15 due to the coronavirus pandemic. Tax-filing extensions do not apply to traditional IRA or Roth IRA contributions. As with your tax return, the IRS honors the postmark date; therefore, if you mail your contribution by July 15, you will meet the deadline.
**Lesser of $57,000 or 25% of compensation up to compensation limit of $285,000. All SEP contributions are reported during the year in which contributions are made.
***Total Employer and Employee contributions may not exceed $57,000. For more information see the IRS website page on one-participant 401(k) plans